REG - Metals One PLC - Commencement of Drilling at Råna Project, Norway

Metals OneAnnouncement

25/07/2024 07:00

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RNS Number : 7236X  Metals One PLC  25 July 2024

 

25 July 2024

 

Metals One Plc

("Metals One" or the "Company")

 

Commencement of Drilling at Råna Ni-Cu-Co Project, Norway

 

Metals One (AIM: MET1), which is advancing strategic minerals projects in
Finland and Norway, is pleased to announce that the Company's Råna Project
(nickel, copper, cobalt) partner and operator, Kingsrose Mining Limited (ASX:
KRM) ("Kingsrose"), has entered into a service agreement ("Drill Contract")
with Arctic Drilling AS ("Arctic Drilling"), for the commencement of
helicopter supported core drilling at the Rånbogen prospect on the Råna
Project in August 2024 (*see Figure 1).

 

Highlights

 

·    Drilling is anticipated to complete in early September 2024, with
assay results expected in October to November 2024

·    Drilling is focused on two targets identified last year through
geophysics

·      Compelling targets comprise shallow, highly conductive
electromagnetic ("EM") anomalies immediately down dip from mineralised
nickel-copper-cobalt massive sulphide at surface (*see Figure 2)

·    Completion of a minimum 700m drilling will satisfy the drilling
milestones under Metals One (via Scandinavian Resource Holdings Pty Ltd's)
Transaction Implementation Agreement with Kingsrose and Global Energy Metals
(*see Kingsrose's ASX announcement dated 18 January 2023)

·    Arctic Drilling is a Norwegian owned and domiciled company based out
of Finnmark County, Norway, bringing extensive experience of operating in
arctic regions with local knowledge

 

Jonathan Owen, Chief Executive Officer of Metals One, commented:

 

"It's great news that Kingsrose is ready to begin drilling again at the Råna
Project. This strategic work programme is aimed at testing two compelling
anomalies characterised by highly conductive EM responses down dip of
nickel-copper-cobalt mineralised massive sulphide in outcrop, which were
identified during last year's core drilling and are located within a
previously undrilled area.

 

We look forward to updating shareholders on progress at the Råna Project as
Kingsrose continues to build on the high-grade results from last year's
drilling to verify the largely underexplored Råna intrusion's scale
potential."

 

Rånbogen Drill Programme

 

Two shallow, moderate-to-strong bedrock conductors were identified through
geophysics at Rånbogen by Kingsrose in 2023 and remain undrilled (*see
Kingsrose's ASX announcement dated 23 October 2023). Each target comprises
modelled EM plates situated at steep gradients in magnetotelluric ("MT")
geophysical data, coincident with mineralised disseminated and massive
sulphide at surface (*see Kingsrose's ASX announcement dated 8 August 2023)
(*see Figures 2 and 3).

 

·    Target 1 is a 170m long, 100m deep steeply dipping zone comprising
two modelled EM plates with conductance between 6800 and 9600 siemens,
starting <30m below surface. Historical rockchip samples returned up to
1.6% Ni and 0.6% Cu (*see Kingsrose's ASX announcement dated 18 January 2023)

·    Target 2 is a 150m long by 50m deep, steeply dipping zone comprising
two modelled EM plates with conductance between 1900 and 2800 siemens,
starting from <20m below surface. There is sparse outcrop directly above
the anomaly, but zones of disseminated sulphide in peridotite have returned up
to 0.6% Ni and 0.6% Cu in historical rockchip samples 100m southwest along
strike from the EM plates

·    Mineralisation comprises narrow (<3m thick) lenses of massive
sulphide (pyrrhotite-chalcopyrite-pentlandite) hosted within a broader zone of
disseminated sulphide in peridotite-pyroxenite exposed in stream beds

·    This is the same geological, geochemical and geophysical signature as
mineralised intercepts drilled elsewhere in the Rånbogen and Malmhaugen area
during 2023 (*see Figure 2, see Kingsrose's ASX announcements dated 23 October
2023 and 5 February 2024)

·    The targets are inferred to be closer to the base of the intrusion
than the mineralised intercepts discovered in 2023 drilling, which implies
good potential for high tenor mineralisation

 

Metals One's partner and project operator Kingsrose has been working towards
this drill programme through several sustainability and permitting
initiatives, including:

 

·    Received a dispensation for helicopter use from the Municipality
(drill rig moves and personnel/supply logistics)

·    Executed land access agreements with landowners

·    Engaged with the local reindeer herding district via the Municipality

·    Communicated with Sami Parliament to identify cultural heritage sites

·    Completed baseline water quality survey

·    Completed a drill site flora study

·    Commencing a noise survey

 

*Kingsrose's full announcement, which includes supporting JORC statements and
referenced Figures, and other referenced ASX announcements are available at:
https://www.kingsrose.com/news (https://www.kingsrose.com/news) .

 

Enquiries:

 

 Metals One Plc                                                       via Vigo Consulting

 Jonathan Owen, Chief Executive Officer                               +44 (0)20 7390 0234

 Beaumont Cornish Limited (Nominated Adviser)                         +44 (0)20 7628 3396

 James Biddle / Roland Cornish

 www.beaumontcornish.com (http://www.beaumontcornish.com)

 Shard Capital Partners LLP (Joint Broker)                            +44 (0)20 7186 9952

 Damon Heath / Erik Woolgar

 SI Capital Limited (Joint Broker)                                    +44 (0)14 8341 3500

 Nick Emerson

 Capital Plus Partners Limited (Joint Broker)                         +44 (0)20 3821 6169

 Keith Swann

 https://www.capplus.co.uk/ (https://www.capplus.co.uk/)

 Vigo Consulting (Investor Relations)                                 +44 (0)20 7390 0234

 Ben Simons / Kendall Hill

 metalsone@vigoconsulting.com (mailto:metalsone@vigoconsulting.com)

 

About Metals One

 

Metals One is developing strategic metals projects in Finland (Black Schist
Project) and Norway (Råna Project), with approximately £9 million of
exploration carry exposure through a farm-in agreement. Metals One is aiming
to help meet the significant demand for strategic minerals by defining
resources on the doorstep of Europe's major electric vehicle OEMs and battery
manufacturers. Metals One's Black Schist Project in Finland, totalling 706
km(2) across three licence areas, has a total Inferred Resource of 57.1 Mt
nickel-copper-cobalt-zinc and is located adjacent to one of Europe's largest
strategic minerals producers, Terrafame. Metals One's fully carried Råna
Project in Norway covers 18.14 km² across three contiguous exploration
licences, with significant opportunity for exploration of the Råna intrusion,
and proven potential for massive sulphide nickel-cobalt-copper mineralisation.

 

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Market Abuse Regulation (MAR) Disclosure

 

The information set out below is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

 

Nominated Adviser

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

Glossary

 

 ASX                               Australian Stock Exchange

 Co                                cobalt

 Cu                                copper

 Electromagnetic ("EM") anomalies  electromagnetic (EM) surveys are a common technique to help narrow down
                                   drilling targets. EM anomalies "light up" on a resistivity map based on
                                   conductivity, giving an indication for a drill target when looking for
                                   specific metals

 intrusion                         process when magma penetrates existing rock, crystallises, and solidifies
                                   underground to form intrusions, such as batholiths, dykes, or sills

 km                                kilometre

 JORC                              The Joint Ore Reserve Committee code (JORC code) is the Australasian Code for
                                   Reporting of Exploration Results, Mineral Resources and Ore Reserves and is a
                                   professional code of practice that sets minimum standards for public reporting
                                   of minerals exploration results, mineral resources and ore reserves

 m                                 metre

 Magnetotelluric ("MT")            a passive geophysical technique which uses natural time variations of the
                                   Earth's magnetic and electric fields for inferring the earth's subsurface
                                   electrical conductivity

 massive sulphide                  metal sulphide ore deposit which consists almost entirely of sulphides

 Mt                                million tonnes

 Ni                                nickel

 

 

 

 

 

 

 

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